NYSE Rule Amendment Spares Fannie Mae

Law360, New York (January 27, 2006, 12:00 AM EST) -- The Securities and Exchange Commission has approved a controversial New York Stock Exchange rule that relaxes delisting deadlines for companies—including embattled government-sponsored mortgage company Fannie Mae—that are late to file financial information with the exchange.

The new rule amends an existing regulation adopted by the Big Board last year in an effort to crack down on companies that miss filing deadlines. Adopted last spring, that rule gave the NYSE the authority to postpone the delisting of a company that falls more than a year behind in...